Problem 3 The Acme corporation has started to produce a new widget. They have recently hired you and assigned you the task of determining what price the new widget should be. You allowed each subsidiary (A, B, C, D, E, and F] to experiment and price the widget on their own. At the end of the quarter, you requested data from each subsidiary in order to decide on an overall corporation price. a. Upon receipt of the data, you realize that you forgot to ask each subsidiary what price they charged. Not wanting to embarrass yourself, you decide to calculate price from the data you have received. Complete the table below by referring to the following graph. $60,000 $55,000 $50,000 $45,000 $40,000 $35,000 $30,000 Total Revenue from Widget Sales $25,000 Total Revenue for Widgets D [900, $54,000} B (000. $45,000) A {300. $21000} l1 ,200, $54,000) F {1,800, $21000} 0 200 400 000 000 1.000 1,200 1,400 1,500 1,000 2,000 O Widgets Sold Subsidiary Price Quantity Total Revenue Elasticity A B C D E F b. Calculate demand elasticity using the midpoint formula between points A and B, between points C and D, and between points E and F. Use the results of your calculations to complete the Elasticity column of the table in part (A) above. c. Identify between which points there is elastic demand, unitary elastic demand, and inelastic demand. d. Following this analysis, what overall prices for widgets would you recommend to your bosses at Acme going forward so that they could maximize their total revenues